Statement Regarding Pendragon plc

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

28 September 2022

Statement Regarding Pendragon PLC ("Pendragon")

Hedin Mobility Group AB (publ) ("Hedin Mobility") notes the announcement by the Board of Pendragon on 27 September 2022 that it is conducting a review of potential strategic options for Pendragon. Hedin Mobility was surprised by the announcement which seems to contradict the long-term view of the Pendragon Board that Pinewood continues to be a fundamental aspect of Pendragon's strategy, which was reiterated to Hedin Mobility by Pendragon as recently as 25 September 2022.

In light of this radical change of direction from the Pendragon Board, Hedin Mobility is considering its position in relation to its current shareholding, and refers to its own announcement entitled Statement Regarding Pendragon released on 26 September 2022 (the "Statement"). The Statement included the sentence "Hedin Mobility believes in the long term potential of Pendragon and will not consider or accept any other offers for its current shareholding in Pendragon." Hedin Mobility reserves the right to set this sentence aside in the event that a third party announces a firm offer for Pendragon at a price not less than 35 pence per Pendragon share.

A further announcement will be made as and when appropriate.

Enquiries:

Important Notices

Deutsche Bank AG is a joint stock corporation incorporated with limited liability in the Federal Republic of Germany, with its head office in Frankfurt am Main where it is registered in the Commercial Register of the District Court under number HRB 30 000. Deutsche Bank AG is authorised under German banking law. The London branch of Deutsche Bank AG is registered in the register of companies for England and Wales (registration number BR000005) with its registered address and principal place of business at Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG is authorised and regulated by the European Central Bank and the German Federal Financial Supervisory Authority (BaFin). With respect to activities undertaken in the UK, Deutsche Bank AG is authorised by the Prudential Regulation Authority with deemed variation of permission. It is subject to regulation by the FCA and limited regulation by the Prudential Regulation Authority. Details about the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the FCA's website. Deutsche Bank AG, London Branch ("Deutsche Bank") is acting exclusively as financial adviser to Hedin Mobility and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Hedin Mobility for providing the protections afforded to clients of Deutsche Bank nor for providing advice in connection with the subject matter of this announcement or any other matter referred to in this announcement.

Publication of this announcement

A copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at https://www.hedinmobilitygroup.com/ no later than 12 noon (London time) on 29 September 2022. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.